Crypto M&A Market Hits Record $9.66 Billion, But at What Cost?

The crypto mergers and acquisitions (M&A) market set a new record in the first half of 2026, reaching a disclosed value of $9.66 billion. This figure represents a significant increase of 223% compared to the second half of 2025.

However, this growth is largely driven by a handful of megadeals, with only four transactions accounting for 76% of the total disclosed value. The largest deal alone, Bullish's agreement to buy transfer agent Equiniti for $4.2 billion, accounted for 43% of the half-year figure.

The number of announced deals actually fell by 25% to 87 in the first half of 2026, marking a decline from the previous year's high of 116 announcements in the second half of 2025.